EU To Provide $30M For Carbon Removal Projects

EU To Provide $30M For Carbon Removal Projects - Carbon Herald

The European Commission has announced a $30 million (€28.5 million) call for proposals to provide funding for carbon dioxide removal projects in the EU.

The amount is part of a broader $66 million (€62 million) package from the Programme for Environment and Climate Action (#LIFE) and is aimed at technologies like biochar, bio-energy with carbon capture and enhanced weathering.

Projects are encouraged to promote carbon farming through these technologies while distributing incentives throughout the entire value chain. The announcement also points out that applicants can look for synergies with other projects being funded through the Horizon Europe program and the Horizon Europe Mission “A Soil Deal for Europe”.

The amount is planned to provide financial support for up to a dozen projects with individual sums potentially ranging from $1.1 to $5.3 million (€1 to €5 million) and can cover a maximum of 60% of costs.

Relevant: Canada Includes $135M For Carbon Removal Procurement In 2024 Budget

Applications will be accepted until the 17th of September 2024 and can be submitted through the EU Funding & Tenders Portal. The Commission has indicated that results from the tender will be made public next March with funding to begin in mid-2025.

Carbon removal in the EU has been making substantial progress in the last several months with parliament enacting a carbon removals certification framework (CRCF) and work under way on creating a centralized registry, clear accounting rules and developing a market mechanism.

The announcement also follows news eariler this week from Denmark, where a similar amount was distributed between three companies that will provide durable carbon removal of 160,350 tons of CO2.

Read more: Denmark Makes Largest Ever Government Purchase Of Carbon Removal

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